Dow Jones Industrial Average Blasts Higher With Bank Stocks

The 25 Best Stocks to Own in 2Q

Mar 28, 2017 at 4:23 PM
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The Dow Jones Industrial Average (DJIA) snapped its longest losing streak in six years, as oil prices bounced, consumer confidence surged to a 16-year high, and home prices rose at the fastest pace since 2014. Booming bank stocks helped lift the Dow to a triple-digit win, after Fed Vice Chair Stanley Fischer said two more rate hikes this year seems to be "about right." Financial shares also buoyed the S&P 500 Index (SPX) to a win, while the Nasdaq Composite (COMP) gained ground -- thanks in part to a big day for Apple and Tesla stock.
 
Continue reading for more on today's market, including:

  • The 25 best stocks to own in the second quarter.
  • The oversold stock market signal flashing for the first time this year.
  • How Facebook fired up Snap options traders.
  • Plus, Lululemon ahead of earnings; bulls blast booming Panera Bread; and 3 solar stocks at risk of bigger losses.

Following a brief trek into the red at the open, the Dow Jones Industrial Average (DJIA - 20,701.50) spent nearly the entire session moving higher -- eventually settling up 150.5 points, or 0.7%, and snapping its eight-session losing streak. Twenty-seven of the Dow's 30 components gained ground, led by Apple stock's 2.1% pop. Johnson & Johnson paced the three decliners with its 0.1% loss.

The S&P 500 Index (SPX - 2,358.57) closed higher for the first time in four days, adding 17 points, or 0.7%. The Nasdaq Composite (COMP - 5,875.14), meanwhile, tacked on 34.8 points, or 0.6%, for its third straight win.

The CBOE Volatility Index (VIX - 11.53) retreated 1 point, or 7.8%.

closing indexes summary march 28
nyse and nasdaq stats march 28

  1. While Ford Motor shares rose on confirmation of a $1.2 billion investment in three Michigan plants -- touted in one of President Donald Trump's tweets -- General Motors stock rose on reports the automaker rejected pressure from David Einhorn's Greenlight Capital. Specifically, the hedge fund urged GM to split its common stock into two classes, a move General Motors said would create too much risk. (Reuters)
  2. Trump signed the "Energy Independence" executive order rolling back several climate change initiatives put in place by the Obama administration. Among them is the reversal of a coal-leasing ban on federal lands. (The New York Times)
  3. Lululemon stock has a history of making big post-earnings moves, and options traders are hoping the action is to the upside this time around.
  4. Call buying has picked up the pace on Panera Bread stock, which hit a record high in today's trading.
  5. Losses for these 3 solar stocks could widen as the sector heads into a historically bearish season.

corporate earnings march 28
Unusual options activity march 28
Data courtesy of Trade-Alert

Commodities

News that a militia dispute shuttered oil pipelines in Libya helped lift crude oil prices today. At session's end, May-dated crude was up 64 cents, or 1.3%, at $48.37 per barrel.

Strong gains in the stock market dimmed gold's safe-haven appeal. By the close, gold for April delivery was down 10 cents at $1,255.60 an ounce.

Get your daily dose of Dow futures, stock news, and more with Schaeffer's Opening View.

 

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